BDO Statsautoriseret revisionsaktieselskabHavneholmen 29DK-1561 København V20222670Årsrapport2022-03-03Håvard Saunes MyklebustMediability Denmark A/SLottenborgvej 242800 Kongens LyngbyRevisionspåtegning309139572007-10-09Lyngby-Taarbæk2021-01-012021-12-312020-01-012020-12-31BDO Statsautoriseret revisionsaktieselskabHavneholmen291561Copenhagen VKongens Lyngby2022-03-03Nils Olav SundsteigenHåvard Saunes MyklebustChairmanAnja Myntevik LutentunKnut Alfred AndersenKonklusionGrundlag for konklusionCopenhagen2022-03-03BDO Statsautoriseret revisionsaktieselskab20222670Per Frost JensenRevisionspåtegningState Authorised Public Accountantmne277404207956-540189174838521482882459571-26884771853193421356345521783752010338-2524717-122926503239603-25247173239603-2524717421704217042170421704217042170294440211211294440211211298617613558134104168406882812292650238932384698343502566311086801125916491400000400000455194713123404951947171234002515351613909205421824471145868312897852288512372816539526163728165420415186801125916491400000131234432396034000004551947231608125189138010758421646710366139542231026487174838521482881845673421357520185319342135528239658358172981792634552178375-12292650-122926500Regnskabsklasse BtruetrueToday the Board of Directors and Executive Board have discussed and approved the Annual Report of Mediability Denmark A/S for the financial year 1 January - 31 December 2021. The Annual Report is presented in accordance with the Danish Financial Statements Act. In our opinion the Financial Statements give a true and fair view of the Company's assets, liabilities and financial position at 31 December 2021 and of the results of the Company's operations for the financial year 1 January - 31 December 2021. The Management Commentary includes in our opinion a fair presentation of the matters dealt with in the Commentary. We recommend the Annual Report be approved at the Annual General Meeting. To the Shareholder of Mediability Denmark A/S We have audited the Financial Statements of Mediability Denmark A/S for the financial year 1 January - 31 December 2021, which comprise income statement, Balance Sheet, statement of changes in equity, notes and a summary of significant accounting policies. The Financial Statements are prepared in accordance with the Danish Financial Statements Act. In our opinion, the Financial Statements give a true and fair view of the assets, liabilities and financial position of the Company at 31 December 2021 and of the results of the Company's operations for the financial year 1 January - 31 December 2021 in accordance with the Danish Financial Statements Act. Basis for Opinion Grundlag for konklusion We conducted our audit in accordance with International Standards on Auditing (ISAs) and the additional requirements applicable in Denmark. Our responsibilities under those standards and requirements are further described in the “Auditor’s Responsibilities for the Audit of the Financial Statements” section of our report. We are independent of the Company in accordance with the International Ethics Standards Board for Accountants’ International Code of Ethics for Professional Accountants (including International Independence Standards) (IESBA Code), together with the ethical requirements that are relevant to our audit of the financial statements in Denmark, and we have fulfilled our other ethical responsibilities in accordance with these requirements and the IESBA Code. We believe that the evidence we have obtained is sufficient and appropriate to provide a basis for our conclusion. Management's Responsibilities for the Financial Statements Management is responsible for the preparation of Financial Statements that give a true and fair view in accordance with the Danish Financial Statements Act and for such Internal control as Management determines is necessary to enable the preparation of Financial Statements that are free from material misstatement, whether due to fraud or error. In preparing the Financial Statements, Management is responsible for assessing the Company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting in preparing the Financial Statements unless Management either intends to liquidate the Company or to cease operations, or has no realistic alternative but to do so. Our objectives are to obtain reasonable assurance about whether the Financial Statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs and the additional requirements applicable in Denmark will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these Financial Statements. As part of an audit conducted in accordance with ISAs and the additional requirements applicable in Denmark, we exercise professional judgment and maintain professional skepticism throughout the audit. We also: Identify and assess the risks of material misstatement of the Financial Statements, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control. Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the Company's internal control. Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by Management. Conclude on the appropriateness of Management’s use of the going concern basis of accounting in preparing the Financial Statements and, based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the Company's ability to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in our auditor’s report to the related disclosures in the Financial Statements or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our auditor’s report. However, future events or conditions may cause the Company to cease to continue as a going concern. Evaluate the overall presentation, structure and contents of the Financial Statements, including the disclosures, and whether the Financial Statements represent the underlying transactions and events in a manner that gives a true and fair view. We communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit. Statement on Management Commentary Management is responsible for Management Commentary. Our opinion on the Financial Statements does not cover Management Commentary, and we do not express any form of assurance conclusion thereon. In connection with our audit of the Financial Statements, our responsibility is to read Management Commentary and, in doing so, consider whether Management Commentary is materially inconsistent with the Financial Statements or our knowledge obtained during the audit, or otherwise appears to be materially misstated. Moreover, it is our responsibility to consider whether Management Commentary provides the information required under the Danish Financial Statements Act. Based on the work we have performed, we conclude that Management Commentary is in accordance with the Financial Statements and has been prepared in accordance with the requirements of the Danish Financial Statements Act. We did not identify any material misstatement of Management Commentary. Principal activities Mediability Denmark A/S is part of the Mediability group that consists of companies in Denmark, Norway and Sweden. The parent company is Mediability AS registered in Norway. Mediability is an European supplier of products, solutions and support for the broadcast and media industry. We offer the very latest in technology, consulting and managed services. Development in activities and financial position Mediability Denmark A/S has had a great year in 2021 as a result of restructuring in 2019 and 2020. After the formal consolidation and re-branding of the companies within the Mediability group during 2016, the focus areas for the following years have been to establish an uniform foundation and a common operational strategy for the future across the companies in the group. This has been done through extensive strategy planning, with subsequent restructuring processes and changes in the company and the group as a whole. That strategy has been bearing fruits in 2021. 2021 has been a good year for Mediability Denmark A/S despite the global pandemic of Covid-19. The company has been able to refocus its business and landing several milestone projects in and outside Denmark. The Management believes that the measures taken in previous years put the company and the group in a position to become a profitable and solid player in the market in the coming years. Recognition and measurement uncertainty Mediability to return with wording - suggestion The company has chosen to revert a part of previous years write-down of deferred tax asset related to tax loss carried forward. The deferred tax asset of DKK ('000) 1,229 is calculated on the basis of the coming three years budget forecast with a total result before tax of DKK ('000) 5,588. This years profit verify the deferred tax asset recoqnised, however it is related to an uncertainty related to measurement of the use of tax losses carried forward. Significant events after the end of the financial year No events have occurred after the end of the financial year of material importance for the Company's financial position. Share capital Retained profit Total Equity at 1 January 2021 400.000 1.312.344 1.712.344 Proposed profit allocation 3.239.603 3.239.603 Equity at 31 December 2021 400.000 4.551.947 4.951.947 Staff costs 1 Average number of employees 2 3 Wages and salaries 1.608.125 1.891.380 Pensions 107.584 216.467 Social security costs 10.366 13.954 Other staff costs 22.310 26.487 1.748.385 2.148.288 Other financial income 2 Group enterprises 184.567 342.135 172.110 Other interest income 752 0 185.319 342.135 Other financial expenses 3 Group enterprises 52.823 96.583 173.107 Other interest expenses 581.729 81.792 634.552 178.375 Tax on profit/loss for the year 4 Adjustment of deferred tax -1.229.265 0 -1.229.265 0 Receivables falling due after more than one year 5 Deferred tax assets 1.026 0 1.026 0 Long-term liabilities 6 31/12 2021 Repayment Debt outstanding 31/12 2020 total liabilities next year after 5 years total liabilities Frozen holiday allowances 0 0 0 251.535 535.900 535.900.01 0 0 0 251.535 Contingent liabilities The Company has entered into rental agreements with a residual liability of 41 DKK ('000). Contingent asset 8 The company has an additional tax asset of 3,391 DKK ('000) which the Management has chosen not to capitalize due to the uncertainty related to the utilization of the asset. Information on uncertainty with respect to recognition and measurement 9 The company has chosen to revert a part of previous years write-down of deferred tax asset related to tax loss carried forward. The deferred tax asset of DKK ('000) 1,229 is calculated on the basis of the coming three years budget forecast with a total result before tax of DKK ('000) 5,588. This years profit verify the deferred tax asset recoqnised, however it is related to an uncertainty related to measurement of the use of tax losses carried forward. The Annual Report of Mediability Denmark A/S for 2021 has been presented in accordance with the provisions of the Danish Financial Statements Act for enterprises in reporting class B and certain provisions applying to reporting class C. Regnskabsklasse B1 true true The Annual Report is prepared consistently with the accounting principles applied last year. Change of accounting estimates Accounting estimates have been changed concerning the expected valuation of the tax asset for tax losses carried forward. The reassessed capitalization of the tax losses carried forward has resulted in a tax adjustment for the year of DKK ('000) 1,229 taken as an income. Accounting estimates have been changed concerning the expected valuation of the tax asset for tax losses carried forward. The reassessed capitalization of the tax losses carried forward has resulted in a tax adjustment for the year of DKK ('000) 1,229 taken as an income. Net revenue Net revenue from sale of merchandise and finished goods is recognised in the income statement if supply and risk transfer to purchaser has taken place before the end of the year and if the income can be measured reliably and is expected to be received. Net revenue is recognised exclusive of VAT, duties and less discounts related to the sale. Where products with a high degree of individual adjustments are delivered, recognition in net revenue is made as and when the production progresses, the net revenue being equal to the sales value of the work performed for the year (the production method). This method is applied when the total costs and expenses regarding the contract and the degree of completion at the balance sheet date can be reliably assessed, and it is likely that the financial benefits will flow to the company. Other operating income Other operating income includes items of a secondary nature in relation to the Group’s and the Company’s activities, including profit from sale of intangible and tangible fixed assets. In addition, profit from sale of intangible and tangible fixed assets as well as business interruption and conflict compensations are included. Compensations are recognised when the income is deemed to be realisable. Cost of sales Cost of sales comprise costs incurred to achieve the net revenue for the year, including direct and indirect costs of raw materials and consumables. Other external expenses Other external expenses include cost of sales, advertising, administration, buildings, bad debts, operating lease expenses, etc. Staff costs Staff costs comprise wages and salaries, including holiday pay and pensions and other costs for social security etc. for the company’s employees. Repayments from public authorities are deducted from staff costs. Financial income and expenses Financial income and expenses include interest income and expenses, financial expenses of finance leases, realised and unrealised gains and losses arising from investments in financial assets, debt and transactions in foreign currencies, amortisation of financial assets and liabilities as well as charges and allowances under the tax-on-account scheme etc. Financial income and expenses are recognised in the income statement by the amounts that relate to the financial year. Tax The tax for the year, which consists of the current tax for the year and changes in deferred tax, is recognised in the income statement by the portion that may be attributed to the profit for the year, and is recognised directly in the equity by the portion that may be attributed to entries directly to the equity. Fixed asset investments Deposits include rental deposits which are recognised and measured at amortised cost. Deposits are not depreciated. Impairment of fixed assets The carrying amount of fixed assets, which are not measured at fair value, are valued on an annual basis for indications of impairment other than that reflected by amortisation and depreciation. In the event of impairment indications, an impairment test is made for each asset or group of assets, respectively. If the recoverable amount is lower than the carrying amount, the asset is written down to the carrying amount. The recoverable amount is calculated at the higher of net selling price and capital value. The capital value is determined as the fair value of the expected net cash flows from the use of the asset or group of assets and the expected net cash flows from sale of the asset or group of assets after the end of its useful life. Inventories Inventories are measured at cost using the FIFO-principle. If the net realisable value is lower than cost, the inventories are written down to the lower value. The cost of merchandise as well as raw materials and consumables is calculated at acquisition price with addition of transportation and similar costs. The cost of finished goods and work in progress includes cost of raw materials, consumables, direct payroll cost and indirect production cost. Indirect production costs include indirect materials and payroll and maintenance and depreciation of the machines, factory buildings and equipment used in the production process, cost of factory administration and management and capitalised development costs relating to the products. The net realisable value of inventories is stated at sales price less completion costs and costs incurred to execute the sale and is determined with due regard to marketability, obsolescence and development in expected sales price. Receivables Receivables are measured at amortised cost which usually corresponds to nominal value. The value is written down to meet expected losses. Accruals, assets Accruals recognised as assets include costs incurred relating to the subsequent financial year. Tax payable and deferred tax Current tax liabilities and receivable current tax are recognised in the balance sheet as the calculated tax on the taxable income for the year, adjusted for tax on the taxable income for previous years and taxes paid on account. Deferred tax is measured on the temporary differences between the carrying amount and the tax value of assets and liabilities. Deferred tax assets, including the tax value of tax loss carry-forwards, are measured at the expected realisable value of the asset, either by set-off against tax on future earnings or by set-off against deferred tax liabilities within the same legal tax entity. Deferred tax is measured on the basis of the tax rules and tax rates that under the legislation in force on the balance sheet date will be applicable when the deferred tax is expected to crystallise as current tax. Any changes in the deferred tax resulting from changes in tax rates, are recognised in the income statement, except from items recognised directly in equity. Liabilities Financial liabilities are recognised at the time of borrowing by the amount of proceeds received less borrowing costs. In subsequent periods, the financial liabilities are measured at amortised cost equal to the capitalised value when using the effective interest, the difference between the proceeds and the nominal value being recognised in the Income Statement over the term of loan. Amortised cost for short-term liabilities usually corresponds to the nominal value. 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